The Federal Government, FG, has formed a seven-member joint committee to strengthen the regulation of Nigeria’s equipment leasing sector.
The committee, comprising representatives from the Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP), will work to ensure that all leasing firms comply with legal registration requirements.
During a recent visit to the BPP, ELRA’s Registrar and CEO, Donald Wokoma, stated that the goal is to permit only registered and compliant companies to operate, particularly in transactions involving public funds.
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He emphasised that an ELRA registration certificate will now be a mandatory prerequisite for all leasing companies and lessors participating in public procurement.
This measure is intended to prevent unregistered firms from engaging in public contracts and to promote professionalism and accountability.
BPP’s Director-General, Adebowale Adedokun, welcomed the initiative, highlighting that it would boost transparency in public leasing transactions.
The newly formed committee, which includes a joint secretariat officer, has been given two weeks to develop a detailed position paper.
This document will outline the implementation framework, compliance procedures, and stakeholder roles, ensuring that the new regulations align with the Public Procurement Act.
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Both agencies underscored the importance of inter-agency cooperation as a key factor for institutional efficiency and economic development.
The committee’s efforts are expected to create a robust and enforceable regulatory structure for Nigeria’s leasing industry.
